White Papers

2016 Private Company Liquidity Report

Liquidity continues to be an important recruitment and retention tool for private companies. As companies stay private longer, they are using private tender offers (otherwise known as “liquidity programs”) to offer their employees and shareholders partial, controlled liquidity through NASDAQ Private Market’s Private Tender Offer solution. In our 2016 Private Company Liquidity Report, we analyze the 32 liquidity programs ($1BN+ in private secondary volume) conducted on our platform in 2016.

1H 2016 Private Company Report

Momentum in activity in the private company secondary market continued in the first half of 2016 admist softening valuations and a slowdown in the IPO market. Read our 2016 MId-Year Private Company Report to find out what happened.

Best Practices for Running a Private Tender Offer

The number of late-stage private companies conducting periodic private tender offers for shareholder liquidity has skyrocketed in the last few years. However, while private tender offers are becoming increasingly commonplace in the private markets, many companies seem to struggle with how to efficiently conduct them. This whitepaper gives a comprehensive overview of the considerations, mechanics and best practices for running a private tender offer.

RAISE Act Infographic

As a market leader in helping private companies facilitate secondary transactions, we analyzed liquidity programs facilitated by our technology platform during the past two years to determine whether the level of disclosure provided by issuers in those programs would have satisfied the Section 4(a)(7) information requirements of the RAISE Act.

2016 SXSW Private Company Survey

NASDAQ Private Market conducted a survey of founders, executives and employees from start-up companies attending the South by Southwest (SXSW) Interactive Festival in Austin, Texas. Nearly half of the company respondents believe their companies will remain private indefinitely, representing a 62 percent increase in related sentiment from 2015. An overwhelming majority – 80 percent – say that employees should have the opportunity to sell a portion of their shares before an IPO or exit.

Private Company Liquidity - A Year In Review

In our 2015 Year-End Private Company Report, the first since NASDAQ Private Market acquired SecondMarket, we take a look at the growing phenomenon of private company liquidity. Using data from programs on both the NASDAQ Private Market and SecondMarket platforms, we analyze the top-line trends and how and why private companies use private tender offers to deliver liquidity to their shareholders.

How Regulation A+ Can Help Private Companies Raise Money

The new rules allow companies to take on investors with fewer costly requirements. Brought to you by NPM and The Wall Street Journal this white paper looks at the history of Reg and the future potiental of Reg A+.

The Marketing Secrets of the Unicorns

The business world has been fascinated lately with "unicorns," companies valued over $1 billion that have not yet filed for an initial public offering. Many of these companies became blockbuster successes by creating powerful, often disruptive technologies. But that's not the only smart thing they did: They also developed sophisticated marketing and public relations operations that have greatly contributed to their success—and achieved it relatively affordably. Brought to you by NPM and The Wall Street Journal this white paper looks at the marketing behind these privately held companies

Want to Turn Your Startup Into a Unicorn?

Brought to you by NPM and The Wall Street Journal this white paper takes a look at some common traits among companies with $1 billion-plus valuations.

The Value of Teaching Employees About Their Stock Options

Companies don’t reap their stock program’s full value if employees don’t understand how they work. Brought to you by NPM and The Wall Street Journal this white paper looks at how stock award programs are intended to help companies attract, motivate and retain employees and how unfortunately, they don't always achieve these goals.